Does the Trustee’s right of indemnity have priority over the right of beneficiaries in relation to assets?
In Chief Commissioner of Stamp Duties (NSW) v Buckle, the High Court held that a trustee’s right of indemnity out of trust assets was not an encumbrance upon the interests of the beneficiaries. Until the trustee’s right of reimbursement or exoneration has been satisfied, it is impossible to say what the trust fund is, in […]
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Accounting for profits
Accounting for profits More recently in Victoria Friendly Society Ltd v Lifeplan Australia Friendly Society Ltd (2018) 92 ALJR 918; [2018] HCA 43 Kiefel CJ, Keane and Edelman JJ said (at [6]-[7]) (citations omitted): In Consul Development Pty Ltd v DPC Estates Pty Ltd, in a passage accepted as authoritative by both sides in the present case, Gibbs J […]
Read MoreBeneficiary actions – ‘Special Circumstances’
Source: Colin R Price & Associates Pty Ltd v Four Oaks Pty Ltd [2017] FCAFC 75 Where “special circumstances” exist, a beneficiary under a trust such as Grovan may bring proceedings that ordinarily should be brought by the trustee in his, her or its own right against a third party or other beneficiary on any cause […]
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